Álvaro Middelmann says things have to be taken step by step but that there is a great opportunity.
German tour operators have upped their offers for Majorca by as much as 40%.
The biggest number of tourists will come from Germany.
Prime Minister Boris Johnson's office said the new legislation will be included in the government's Queen's speech on Monday.
Hays Travel will acquire all 555 stores and look to re-employ former employees from Thomas Cook's retail operations.
The 13-point plan includes cutting certain tariffs for airlines flying to the Balearic and Canary Islands.
Hotelier associations are worried that some hotels might not recover from the losses incurred as a result of the Thomas Cook collapse.
"The CEO told us when he visited Majorca in June that everything was sorted out and that we could relax."
Every week Frank Leavers our man with the dirty Mac and half empty glass of inexpensive vino is looking at what lies just below the sophisticated gloss of island life.
As well as the employees at the headquarters, there are some 2,500 who are employed by the 23 hotels that Thomas Cook managed in the Balearics.
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This has been a sad week on our island and the only good news story is in the humanity of the businesses and people who live here.
The government estimates that between this month and March there could be the loss of 300,000 tourists.
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